Section 12(1) in The Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018
(1)Where an existing point of presence has been refused grant of certificate of registration under these regulations, or has surrendered its certificate of registration, or has been directed by the Authority to cease to act as a point of presence, owing to nonpayment of renewal fee as required under these regulations or its registration has been canceled or withdrawn or has been directed to be wound up by an order of a court or tribunal, such point of presence shall,-(a)forthwith cease to act as such point of presence;(b)transfer its activities to another point of presence which has been granted a certificate of registration for carrying on such activity and allow the subscribers to move to another point of presence, or as per process as directed or framed by the Authority and inform all the underlying subscribers of such a change in Point of Presence, along with the reasons;(c)make provisions, as regards liability incurred or assumed by the point of presence, if any;(d)take such other action, within the time limit and in the manner, as may be required under the applicable regulations or as may be directed by the Authority.
